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This paper uses the hedonic price method to estimate the value of an acre-foot of irrigation water in Douglas County, Oregon. The analysis uses detailed information from 113 arms-length transactions of farmland for 2000 and 2001. The estimated willingness-to-accept of $261 to sell an acre-foot of irrigation water is consistent with other studies and recent transactions in the study area. Estimates for the value of leasing water are provided using a range of discount rates and leasing periods. [ABSTRACT FROM AUTHOR]